Caesars Reports Revenue Up 168.7% in 2021

Caesars reports that Regional revenue made up $5.53bn of the total, an increase of 108.1%. Las Vegas revenue totaled $3.40bn, up by $2.65bn, while revenue from Caesars Digital rose $242m year-on-year to $337m, thanks mostly to the acquisition of William Hill and rebranding of its betting product. Managed and branded revenue hit $278m, a rise of 159.8%, and corporate and other costs fell by $6m to $9m.

It should be noted that Caesars also included pre-consolidation revenue from its Horseshoe Baltimore location, pre-acquisition revenue in connection with its $2.9 billion acquisition of William Hill US in April, as well as $69 million from properties sold.

As explained by the company, revenues prior to the consolidation of Horseshoe reached 151 million dollars. While William Hill's pre-acquisition revenue in the United States totaled $135 million, although there were also $28 million of write-offs associated with these acquisitions. In total, pre-consolidation and pre-acquisition revenue for the year was $258 million.

Referring to this increase, Bret Yunker, CFO of Caesars, indicates: "In 2021, we completed our acquisition of William Hill PLC and applied strong operating cash flows to debt reduction of approximately $1.0 billion." And, he added, "We expect to continue to reduce debt in 2022 through the receipt of asset sale proceeds and generation of significant free cash flow".